2017 Cybercrime: Establishing a Cybersecurity Insurance Firm - Essay Sample

Executive Summary

Current issues concerning Cybersecurity are subject to the physical world challenges that need to put into consideration. The final research paper outline key areas that need for the establishment of cybersecurity insurance firm that is primarily designed for cybercrime risk mitigation measures putting into account current rising trends of cybercrimes activities to breach commercial enterprise networks and interruptions.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Based on cybercrime reports in 2017, there was whooping a 600% cybercrime attack increase leading to loss of vital information data and exposing most of the organization, both public and private organizations (BestVPN.org.,2019). The primary objective of the new companies tend to look for possible ways to sell their products, and they are not ready to take up new risks.

Problem Statement

In this manuscript, the problem statement of the rapid increase in cyber insecurity will be addressed using the Smart Choices framework through the establishment of a cybersecurity insurance firm that will provide risk mitigation market to identify the future trend concerning development mechanism to control a variety of cyber-attacks (OECD 2018).

Objectives of Cybersecurity

Insurance Consultation Firm

The sole aim of this project is to develop the level of risk coverage and make data analysis of the company

Needs and Requirement

Cyber insecurity has prompted the need for the establishment of the cybersecurity insurance company that provides consultation to regional and global organizations alongside protection from damages and impact caused by cybercrime activity through the provision of insurance cover and risk mitigation programs.

The cybersecurity insurance firm aimed towards promotions for the adoption of preventive mechanisms and encouraging implementations of satisfactory strategies among organizations that deal with big data storage.

Comparison and Contrast Between Cyber Insurance Solution and Alternative Solutions

In cybersecurity, the carriers contain many data, and they are going to add up more. Large-scale breaches and extensive viruses make the top areas, making the businesses to apply for cyber involvement. When the cyber insurance market grows, the carriers will add up more data.

Businesses have to contribute to the understanding of cyber risks through giving of information on the activities and effects that the cyber-attack incidences that affect their progress and having the ability to increase public revelation of cyber-attacks and dangers, (OECD, 2018).

The technological processes that involve firms have to be protected, and the areas that contain information have to be withheld by the risk management personnel. It is best for the business to have reliable protection mechanism that covers insurance support.

Moreover, the insurers have a special place of coming up with exclusive information that cannot be accessed to other firms. The insurance firms target four categories, which include the specific losses, technological resolutions and applications, demographics of the company, and the details of the company.

Cybersecurity and Cybercrime Data Analysis

Establishing recent data on cyber is one the vital step an individual or an organization need to develop when planning to set-up a cybersecurity insurance consulting firm. It provides an overview of the current trend of cybercrimes and attacks to determine the number of people and companies that needs to acquire insurance services.

Based on cybercrime reports in 2017, there was whooping a 600% cybercrime attack increase leading to loss of vital information data and exposing most of the organization, both public and private organizations (BestVPN.org.,2019). The United States has been the most target by cybercrime attackers. According to BestVPN.org. (2019), the report indicates that the United States experienced a total of 303 cybercrime threats and attacks from 2017 to 2017, and India is in the second position with a record of 133 cybercrimes threats and attacks.

Risks and Risk profile

The chances that are involved with the insurers increase, as risk analysis is not improved in the areas of insurance, which include life, automatic residential owners, and regions.

Figure SEQ Figure \* ARABIC 1.showing Cyber Insurance Trend Chart(Amoroso,2019)

In the risk tolerances, the cyber investors tend to look for the degree of variableness in the insurance investors on the probability to persevere the financial plans. The risk tolerance is essential for the cyber insurance firms as they should be able to withstand significant changes involved in the worth of the investments. Too much risk is to be avoided as the firm may end up making losses in the long run (Amoroso,2019). Risk profiling should be put into consideration by the use of the Cybersecurity tree diagram, as shown in the figure below.

Figure SEQ Figure \* ARABIC 2 Example of an attack tree modeling of enhanced robustness of cyber security protection against a compromise by a control overlay (Hao,Han, Lin & Liu,2016).Possible Outcomes

The possible things that may arise in the cybersecurity insurance firm would include a lack of trust as technology firms are not trustworthy, and some insurance firms fail to offer the benefits. There may be competition between the many insurance firms, therefore, having problems with the insurers. The new companies tend to look for possible ways to sell their products, and they are not ready to take up new risks. There may also be mismanagement in the insurance firm through the clients and the general business. The outcomes may also change with the economic instability as the rates may vary, and firms may be forced to increase their prices.

Conclusion

Increased rate of cybercrimes insecurity within modern society. It creates a need for the establishment of the cybersecurity insurance company that provides consultation to regional and global organizations alongside protection from damages and impact caused by cybercrime activity through the provision of insurance cover and risk mitigation programs. The cybercrime insurance company will provide avital security measures to the private and public companies that need the protection of the big data storage.

References

Cybersecurity Statistics | BestVPN.org. (2019). Retrieved 20 November 2019, from https://bestvpn.org/cybersecurity-statistics/

Edward Amoroso. Cdn2.Hubspot.Net, 2019, https://cdn2.hubspot.net/hubfs/5840026/Assets/TAG_Cyber/Brochure_2019_TAG_Cyber_Security_Vol._1_RiskSense.pdf.

Hao, Y. H., Han, J. H., Lin, Y., & Liu, L. (2016). Vulnerability of complex networks under three-level-tree attacks. Physica A: Statistical Mechanics and its Applications, 462, 674-683. Retrieved from https://www.sciencedirect.com/science/article/pii/S0378437116304058.

OECD. (2018) Report. Retrieved from https://www.oecd.org/daf/fin/insurance/Unleashing-Potential-Cyber-Insurance-Market-Summary.pdf